MADISON, WIS. — Banner Essex Apartment Fund I, through an affiliate, has acquired a 420-unit apartment community in Madison. Built in phases, the community consists of Rivers Edge, Fordem Towers and Camelot Apartments. The property is comprised of 10 studios, 134 one-bedroom units, 244 two-bedroom units and 28 three-bedroom units. Additionally, the community features underground parking, laundry facilities, two swimming pools and a central clubhouse. Acquisition financing was arranged by Allan Edelson of CW Capital. The purchase price was not released.
KANSAS CITY, MO. — NorthMarq Capital has arranged $5.08 million in first mortgage financing for Regency North Apartments. The 180-unit apartment complex is located at 6024 N. Jefferson St. in Kansas City. David Farrell of NorthMarq's Kansas City regional office secured the financing for the borrower, Regency North Acquisition. The 10-year loan, which carries a 30-year amortization schedule, was arranged by NorthMarq through its seller-servicer relationship with Freddie Mac.
GREENSBORO, N.C., AND BATON ROUGE, LA. — Atlanta-based ARA has brokered the sales of two student housing communities in North Carolina and Louisiana. In the first transaction, an undisclosed buyer acquired River Walk Apartments in Greensboro for an undisclosed price. Built in 1949 and located near North Carolina A&T State University, the Class B asset offers 223 units and 682 beds. Community amenities include a shuttle bus to campus, a fitness center, a billiards room, a business center and a swimming pool. Chris Epp, Chris Bancroft, Sean Wood, Blake Oakland and Dean Smith of ARA represented the undisclosed seller in the transaction. In the second transaction, The Dinerstein Companies completed the disposition of Sterling Northgate, a 98-unit, 348-bed student housing community located in Baton Rouge. Built in 2006, the property is located within walking distance of Louisiana State University. Community amenities include a resort-style pool and plaza, a state-of-the-art fitness center, a business center, a tanning salon and a computer lab. Epp and Bancroft, along with Matt Heininger of ARA, represented the seller in the transaction. The buyer and acquisition price were not released.
INDIANAPOLIS — Carmel, Ind.-based Oaktree Co. has acquired Oaktree, a multifamily property located at 4100 N. Post Road in Indianapolis. The 348-unit property sold for $1.1 million. Built in 1969, the property offers 156 one-bedroom units and 192 two-bedroom units. Additionally, the property has received more than $2.3 million in capital improvements since 2001. Rick Vidrio, Rick Brace and David Walstrom of Hendricks & Partners represented the seller, Oaktree Apartments LLC, in the transaction.
HOBART AND LAPORTE, IND.; AND NILES, MICH. — Red Mortgage Capital, the mortgage banking arm of Red Capital Group, has provided three FHA LEAN Section 232/223(f) loans for senior housing properties in Indiana and Michigan. The company provided an $8.8 million loan for Brentwood at Hobart, a 116-unit assisted-living and memory-care facility in Hobart; a $9.76 million loan for Brentwood at LaPorte, a 124-unit independent-living, assisted-living and memory-care facility in LaPorte; and a $3.31 million loan for Brentwood at Niles, a 67-unit assisted-living facility located in Niles. Each of the non-recourse loans carry a fixed-mortgage rate and a 35-year, fully amortized term.
ARLINGTON, VA. — USAA Real Estate Co. has purchased a fully entitled 1.73-acre development site, located within the Arlington's Courthouse District, from ZOM Inc. for an undisclosed price. The project, 1900 Wilson, will offer 191 multifamily units, totaling 149,915 square feet, and 17,317 square feet of street-level retail space. ZOM has been retained as development manager to oversee the development, construction and lease up of the urban transit-oriented property.
OVERLAND PARK, KAN. — NorthMarq Capital has arranged a $37 million loan for Stonepost Apartments in Overland Park. Located at 12801 W. 136th St., the property offers 492 apartment units. Financing was based on a 10-year term and was arranged for the borrower, Stonepost Apartments LLC, through NorthMarq's correspondent relationship with Allianz Life Company of America. Greg Duvall of NorthMarq's Kansas City Regional office arranged the financing.
DENVER — Pinnacle Real Estate Advisors has handled a nearly $1.5 million sales transaction involving a 12-unit apartment building, located at 701 28th Street in Denver. Built in 1960, converted from apartments to condominiums in 2007 and renovated again in 2010, the Mulberry Flats property is situated near downtown just blocks from Five Points Plaza in the Curtis Park neighborhood. Pinnacle’s Joe Hornstein represented the seller in the transaction, and the brokerage firm’s Kevin Calame and Matt Lewallen represented the buyer.
CORAL GABLES, FLA. — Florida East Coast Realty (FECR) has developed Villa Majorca, a luxury multifamily community in Coral Gables. The property offers 36 residences in a mix of two-bedroom or three-bedroom-plus-den apartment and townhome floorplans. The community offers a clubroom, a rooftop garden with a Jacuzzi spa, a sun deck with outdoor grills and a fitness center. Residences feature Whirlpool appliances, porcelain flooring, European-style cabinetry, granite countertops and marble vanity counters with double sinks in the master bathrooms.
WASHINGTON, D.C. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has closed on a $2.92 million loan for Delshah Valery Place in Washington, D.C. The 10-year loan, which carries a 30-year amortization schedule, was funded under the Fannie Mae DUS Small Loan product line. The loan was originated by Alexander Kaushansky of Arbor's New York office. The borrower was not disclosed.